1989 (7) TMI 69 - HC - Income Tax

Summary

The High Court of Allahabad ruled in favor of the assessee in a case referred by the Income-tax Appellate Tribunal. The Tribunal was right in estimating the profit by excluding the cost of materials supplied by the Government, as per the terms of the contract. The Supreme Court's decision in Brij Bhusan Lal Parduman Kumar v. CIT [1978] 115 ITR 524 supported this ruling.